Crude Oil Gains In Asia In Rebound After Weak EIA Data Overnight - 9 Nov 2017

Commodity Intraday Tips
Gold Prices Dip In Asia As Trump-Xi Talks Underway. 
Gold dipped in Asia on Thursday as President Donald Trump got down to talks with China\'s President Xi Jinping over contentious trade issues and tensions on the Korean peninsula. Overnight, gold prices rose to a nearly three-week high on Wednesday as ongoing concerns over tax reform weighed on the dollar, boosting demand for the precious metal. Gold prices reversed losses from Tuesday’s session, as the dollar came under pressure on signs that the GOP Senate could derail Donald Trump’s Tax plan by delaying the implementation of corporate tax cuts, with reports suggesting that the Senate is considering a one-year delay. Gold prices are sensitive to moves lower in the U.S. dollar – A lower dollar makes gold cheaper for holders of foreign currency, thus, increases demand. The uptick in gold prices comes as recent data suggested that traders were slightly less bearish on the precious metal. 

SMM Output Data: Copper Concentrates Copper Rises 9.14% in October. 
SMM China’s copper concentrates output reaches 722,500 tonnes in October, 2017, rising 5.55% on monthly basis and 9.14% on yearly basis. The monthly rise in October keeps strong mainly because utilization of newly-extended capacity of Daye Nonferrous, Jiangtong Fuye and Dintong goes up, with obvious output increase of smelting plants as Zijin, Jinchuan, Jinlong. Meanwhile one smeliting plant which declined with its copper concentrates output in September due to short supply of anode copper resumes its production. 

Rio Tinto to Close Goff Alumina Refinery Permanently. 
Mining Giant Rio Tinto Announced recently, saying it will close Goff alumina refinery permanently and spend large amount of time and assets for industrial dismantling and recombination to promote environment benefits of the enterprise. Spain's gross value of imports was $309.6 billion in 2016. The import volume in Spain had been on the decline for the recent 5 years. It is estimated that Spain's import of aluminum oxide will increase in 2017.

Crude Oil Gains In Asia In Rebound After Weak EIA Data Overnight.
Crude oil gained in Asia on Thursday, rebounding from disappointing overnight U.S. inventory data and supported by continued expectations of a supply and demand rebalance.Overnight, crude oil prices settled lower on Wednesday after data showed crude supplies rose while production jumped to a record all-time high last week offsetting a larger-than-expected draw in refineries. Crude oil settled lower for the second day in row as concerns over a surge in US production weighed on upside while a mixed report from the Energy Information Administration (EIA) showing crude stockpiles rose while gasoline and distillate supplies fell weighed on sentiment.The negative day for crude prices came as China’s October oil imports fell to 7.3 million barrels per day from about 9 million barrels per day in September, according to data from the General Administration of Customs on Wednesday.

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